By Barbara Kollmeyer

With fewer than three full trading days left to the year and hardly anyone around, conditions are seasonally ripe for some wild market action — which is exactly how it’s playing out.

As Wall Street continues to set records in the “quiet days,” stocks like Twitter
/quotes/zigman/23556538/delayed/quotes/nls/twtrTWTR have been exploding. A gain of 5% on Thursday, plus a 17% gain in the two trading days before Christmas, plus a booming market cap equals more than a few raised eyebrows.

What’s it all about? Investors simply see a stock performing well and want a piece of the action, and to hell with negative analysts, The Wall Street Journal points out. But those gains could disappear faster than a $6.99 flight to Hawaii. Investor Reuben Kressel of Queens told the WSJ he has his finger on the sell button: “If it goes down, I’m out of here.”

At Trend Following Mentor, Andrew Abraham says the action around Twitter is akin to the Internet-stock boom of 1998. But it’s not just Twitter that’s got him worried — it’s the fact that markets have seen a wave of new highs over the last three days. “You don’t just keep on going up and up … for all those people who are chasing Twitter because it’s the newest greatest thing, you have to be very careful. As much as these things skyrocket, they can fall back down.” (More in chart of the day).

Abraham says while he’s a big old skeptic these days, due to things like new highs and Twitter and bullish investor optimism, he’s not sitting out. His advice: “Have a plan. Know what you want to buy, what you want to sell, what to buy and what to exit. You want to buy the strongest stocks in the strongest sectors when the market is healthy.”

And, of course, keep your eyes in the water and be ready to dash to shore if you see a pool of piranha-like investors headed your way.

One of the biggest movers of Friday has been Turkish stocks, and not in the good way. Negative sentiment remains in the country roiled by political uncertainty, with the Turiey ISE National 30 index tanking nearly 4% and the iShares MSCI Turkey
/quotes/zigman/505768/delayed/quotes/nls/turTUR down 7% in premarket.

Textron
/quotes/zigman/243306/delayed/quotes/nls/txtTXT shares are up in premarket after the manufacturer of Cessna aircraft snuck in a deal late Thursday. Textron will pay $1.4 billion for Beechcraft, in a merger that many saw coming a while back.

Twitter is holding onto attention amid that stratospheric rise, but it’s not a complete love-fest out there. Shares are down more than 3% in premarket as Macquarie analysts cut the stock to underperfrom neutral, saying nothing has changed in fundamentals to justify the recent pop. Aside from that, Twitter users are apparently pushing back at all the promoted tweets that have been cropping up lately.

Chart of the day: Trend Following Mentor’s Abraham called up a Facebook
/quotes/zigman/9962609/delayed/quotes/nls/fbFB chart to compare with what’s been happening to Twitter. In the early days for Facebook, he explains, the stock went through a downturn, but created a buying opportunity when it gapped up, then another one later on:

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